• Journal of the Korean Solar Energy Society
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• v.30 no.6
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• pp.10-15
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• 2010

The installed capacity of wind turbines in KOREA are growing and enlarging by the central government's support program. Thus, the importance of power performance verification and its uncertainty analysis are recognizing rapidly. This paper described the power testing results of a 3MW wind turbine and analysed an uncertainty level of measurements. The measured power curves are very closely coincide with the calculated one and the annual power production under the given Rayleigh wind speed distribution are estimated with the 3.6~12.7% of uncertainty but, in the dominant wind speed region as 7~8m/s, the uncertainty are stably decreased to 6.3~5.3%.

• Journal of the Computational Structural Engineering Institute of Korea
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• v.27 no.6
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• pp.605-613
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• 2014

Epistemic uncertainty, the lack of knowledge, is often more important than aleatory uncertainty, variability, in estimating reliability of a system. While the probability theory is widely used for modeling aleatory uncertainty, there is no dominant approach to model epistemic uncertainty. Different approaches have been developed to handle epistemic uncertainties using various theories, such as probability theory, fuzzy sets, evidence theory and possibility theory. However, since these methods are developed from different statistics theories, it is difficult to interpret the result from one method to the other. The goal of this paper is to compare different methods in handling epistemic uncertainty in the view point of calculating the probability of failure. In particular, four different methods are compared; the probability method, the combined distribution method, interval analysis method, and the evidence theory. Characteristics of individual methods are compared in the view point of reliability analysis.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.1-11
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• 2022

The study incorporates model uncertainty into the private equity (PE) valuation model (SWY model) (Sorensen et al., 2014) to evaluate how model uncertainty distorts the leverage and valuations of PE funds. This study applies a continuous-time model to PE project valuation, modeling the LPs' goal as multiplier preferences provided by Anderson et al. (2003), and assuming that LPs' aversion to model uncertainty causes endogenous belief distortions with entropy as a measure of model discrepancies. Concerns regarding model uncertainty, according to the theoretical model, have an unclear effect on LPs' risk attitude and GPs' decision, which is based on the value of the PE asset. It also demonstrates that model uncertainty lowers the certainty-equivalent valuation of the LPs. Finally, we compare the outcomes of the Full-spanning risk model with the Non-spanned risk model, and they match the intuitive economic reasoning. The most important implication is that model uncertainty will have negative effects on the LPs' certainty-equivalent valuation but has ambiguous effects on the portfolio allocation choice of liquid wealth. Our works contribute to two literature streams. The first is the literature that models the PE funds. The second is the literature introduces model uncertainty into standard finance models.

• Transactions of the Korean Society of Mechanical Engineers B
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• v.38 no.7
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• pp.647-656
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• 2014

To supplement the ISO-GUM method for the evaluation of measurement uncertainty, a simulation program using the Monte Carlo method (MCM) was developed, and the MCM and GUM methods were compared. The results are as follows: (1) Even under a non-normal probability distribution of the measurand, MCM provides an accurate coverage interval; (2) Even if a probability distribution that emerged from combining a few non-normal distributions looks as normal, there are cases in which the actual distribution is not normal and the non-normality can be determined by the probability distribution of the combined variance; and (3) If type-A standard uncertainties are involved in the evaluation of measurement uncertainty, GUM generally offers an under-valued coverage interval. However, this problem can be solved by the Bayesian evaluation of type-A standard uncertainty. In this case, the effective degree of freedom for the combined variance is not required in the evaluation of expanded uncertainty, and the appropriate coverage factor for 95% level of confidence was determined to be 1.96.

• Journal of Korea Society of Industrial Information Systems
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• v.15 no.5
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• pp.179-185
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• 2010

In a sensitivity analysis, an uncertainty importance measure is often used to assess how much uncertainty of an output is attributable to the uncertainty of an input, and thus, to identify those inputs whose uncertainties need to be reduced to effectively reduce the uncertainty of output. A function is called monotonic if the output is either increasing or decreasing with respect to any of the inputs. In this paper, for a monotonic function, we propose a method for evaluating the measure which assesses the expected percentage reduction in the variance of output due to ascertaining the value of input. The proposed method can be applied to the case that the output is expressed as linear and nonlinear monotonic functions of inputs, and that the input follows symmetric and asymmetric distributions. In addition, the proposed method provides a stable uncertainty importance of each input by discretizing the distribution of input to the discrete distribution. However, the proposed method is computationally demanding since it is based on Monte Carlo simulation.

• Journal of the Korean Geotechnical Society
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• v.28 no.1
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• pp.17-27
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• 2012

Since geologic data are often sampled at sparse locations, it is important not only to predict attribute values at unsampled locations but also to assess the uncertainty attached to the prediction. In this study the assessment of the local uncertainty of prediction for the thickness of the consolidation layer was performed by using the indicator approach. A conditional cumulative distribution function (ccdf) was first modeled, and then E-type estimates and the conditional variance were computed for the spatial distribution of the thickness of the consolidation layer. These results could be used to estimate the spatial distribution of secondary compression and to assess the local uncertainty of secondary compression for Songdo New City.

• Journal of The Korean Society of Agricultural Engineers
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• v.55 no.4
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• pp.95-106
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• 2013

It is now generally known that dynamical climate modeling outputs include systematic biases in reproducing the properties of atmospheric variables such as, preciptation and temerature. There is thus, general consensus among the researchers about the need of bias-correction process prior to using climate model results especially for hydrologic applications. Among the number of bias-correction methods, distribution (e.g., cumulative distribution fuction, CDF) mapping based approach has been evaluated as one of the skillful techniques. This study investigates the uncertainty of using various CDF mapping-based methods for bias-correciton in assessing regional climate change Impacts. Two different dynamicailly-downscaled Global Circulation Model results (CCSM and GFDL under ARES4 A2 scenario) using Regional Spectial Model for retrospective peiod (1969-2000) and future period (2039-2069) were collected over the west central Florida. Total 12 possible methods (i.e., 3 for developing distribution by each of 4 for estimating biases in future projections) were examined and the variations among the results using different methods were evaluated in various ways. The results for daily temperature showed that while mean and standard deviation of Tmax and Tmin has relatively small variation among the bias-correction methods, monthly maximum values showed as significant variation (~2'C) as the mean differences between the retrospective simulations and future projections. The accuracy of raw preciptiation predictions was much worse than temerature and bias-corrected results appreared to be more significantly influenced by the methodologies. Furthermore the uncertainty of bias-correction was found to be relevant to the performance of climate model (i.e., CCSM results which showed relatively worse accuracy showed larger variation among the bias-correction methods). Concludingly bias-correction methodology is an important sourse of uncertainty among other processes that may be required for cliamte change impact assessment. This study underscores the need to carefully select a bias-correction method and that the approach for any given analysis should depend on the research question being asked.

• Industrial Engineering and Management Systems
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• v.11 no.2
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• pp.176-182
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• 2012

This paper presents a new approach to risk comparison in uncertain environment. Based on the uncertainty theory, some uncertain risk measures and risk comparison rules are proposed. Afterward the bridges are built between uncertain risk measures and risk comparison rules. Finally, several comparable examples are given.

• Journal of Applied Reliability
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• v.3 no.1
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• pp.83-92
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• 2003

We studied the trend change of failure rate function and uncertainty of residual life function in terms of location of their trend change points. It is shown that the trend change of uncertainty of residual life takes place before the failure rate changes its trend. Like DIFR(IDFR) does not necessary implies IDMRL(DIMRL), we find the fact that DIFR(IDFR) does not always imply IDURL(DIURL) under certain conditions, through the exponentiated-weibull distribution.

• Journal of Distribution Research
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• v.4 no.1
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• pp.71-92
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• 1999

The basic purpose of this study is to investigate how the traits of the buyer-seller transaction-relationship relate to relationship performance, including relationship performance explicitly in the proposed model. The traits examined include relational norm, formalization, market uncertainty, and relationship investment. It is hypothesized that relational norm and formalization have positive impacts on relationships performance while market uncertainty has a minus impact. In addition, it is hypothesized that relational norm has a positive moderating impact on the effect of relationship investment--the investment and efforts for maintaining a relationship to relationship performance. A mail-survey to the manufacturers of machinery and equipment about their relationships with the parts suppliers was performed. Data provided a strong support for the hypotheses. As hypothesized, relationship performance and formalization generally had positive impacts on relationship performance and formalization generally had positive impacts on relationship performance while market uncertainty showed negative impacts. Also, there is a good evidence for the positive moderating effect of relational norm to the impact of relationship investment on relationship performance.